STOCK exchanges have been spared some more unpopularity, thanks to several public holidays falling on weekends. There is a move afoot to cut down the number of trading holidays, as the wise men feel that the Indian market has one too many, compared to international markets. The reason to cut down on the number of holidays is based on the premise that investors here will not have a chance to react to major global events if the Indian market is closed.
This is, of course, assuming that no major global developments will unfold on January 26, August 15, or on the day of Bhau Bheej, or any of the other holidays that do not happen to be global ones.
“This year a large proportion of the holidays is falling on a Saturday/Sunday. We have only 11-12 holidays falling during the week. This year is taken care of. 2011 is when a shorter list — 8 to 10 days — will come into effect by which time the equity market will also have moved to a 9-5 pm cycle,” said a senior broker, who was present at the meeting NSE had with six top retail broking firms.
Garware Offshore sets sails for the north
SHARES of Garware Offshore have risen around 12% in the past one month. Buzz is that increasing demand for offshore support vessels is driving interest in the stock. Speculation is that some financial and strategic investors are planning to pick up a stake in the company through secondary market transactions, though talks are said to be at a preliminary stage. In anticipation of this, “friendly circles” are said to be accumulating the stock.
Rel Equity, Daiwa lose top honchos to Macquarie
MACQUARIE Securities is looking to beef up its equities team in India. Amongst its new hires are Sudhanshu Bhuwalka who joins as associate director, equity sales, from Reliance Equities, where he was co-head of equity sales. Neil Nathwani has joined Macquarie’s equity sales team from Daiwa in London where he was the India specialist for Europe. Suresh Ganapathy is joining to head Macquarie’s financials research team for India. He joins from Deutsche Bank’s cash equities business in India.
Orient Green Power to raise Rs 600-cr via IPO
GREEN is the new black. With green or clean energy gaining momentum across the globe, market observers expect companies operating in the renewable energy space to take the IPO route. Orient Green Power, a subsidiary of Shriram EPC is one such candidate. It has appointed Goldman Sachs, UBS and JM Financial as bankers for its Rs 500-600 crore IPO.
Contributed by Deeptha Rajkumar, Reena Zachariah & Apurv Gupta
Src: ET
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